In the past two years with Covid-19 we as a country have had to deal with trials and tribulations including lockdowns and mandates but that has really changed the mortgage industry right in front of our eyes. At a home point in 2020 only essential workers were allowed to work “on-site” while the rest were laid off or worked remotely from their homes. This has made many transitions their home into full-blown work environments.
With 40% of remote workers staying on a hybrid schedule for the 2022 year, we will see more and more people move to a state they have never lived in. States like Texas and Florida have been a hotbed for remote workers to move. With the property tax exemptions in these states and not to mention the weather, these places are a great choice for any demographic to live in. Almost 10% of adults between the ages of 18-30 have decided to move to states in the south. Even retired workers have uprooted themselves to states like Arizona, Florida, and South Carolina.
This Work from home lifestyle is not just for the southern states, other states in the Midwest like Ohio and Illinois have jumped on the bandwagon and many companies are offering remote or hybrid positions. We have seen many choose to refinance their home this past year because the rates were at an all-time low, this was also due to many people wanting to renovate their home since that’s also their new office. As far as purchasing in 2021 it was virtually impossible to find anything at the asking price but this year you may have a better chance of finding something worthwhile. Check back in every Wednesday to read about all things mortgage-related!
Escrow is something that can benefit the homeowner, home buyer, and seller as well. However, it doesn’t always apply to every situation.
Better Lending has a couple of tricks and tips to make the purchasing process a little easier for first time home buyers.
Between the incredibly low-interest rates and the shortage of houses on the market 2022 might be the best year to buy a home.